Aussie Retail Sales: July MoM -2.7% vs the est -2.5%, prev -1.8%
Aussie Retail Sales for the month of July (MoM) has been released as a negative input for AUD as follows:
- -2.7% vs the est -2.5%, prev -1.8%.
However, the data has done little to move the needle in forex today.
AUD/USD is stationary at 0.7231.
''The bears will be keen to test the 0.72 figure that aligns with the 61.8% Fibo of the correction's range at 0.6998.
The first port of call will be the -272% Fibo at 0.70585.''
About Retail Sales
The primary gauge of Australia’s consumer spending, the Retail Sales, is released by the Australian Bureau of Statistics (ABS) about 35 days after the month ends. It accounts for approximately 80% of total retail turnover in the country and, therefore, has a significant bearing on inflation and GDP. This leading indicator has a direct correlation with inflation and the growth prospects, impacting the Reserve Bank of Australia’s (RBA) interest rates decision and AUD valuation. The stats bureau uses the forward factor method, ensuring that the seasonal factors are not distorted by COVID-19 impacts.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
